Word: mergers
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...spread, so did a lot of other people. When the acquisition is complete, Time Warner will regain its rank as the world's largest media company, ahead of the newly combined Walt Disney and Capital Cities/ABC. "This is far and away the dream deal," boasts Levin, who called the merger with Turner "a sublime combination." The deal brings together a vast collection of brand names in Time Warner's movie, music and publishing divisions (including TIME magazine) and Turner's cable and TV news operations...
...first immediate product of the merger was the spectacle of the irrepressible Turner at play on a larger, more conservative stage. Standing in the glare of TV lights, he conceded that the price of Time Warner stock had been languishing. "Just because you're flat for a while doesn't mean that you can't take off," he retorted. "I mean, look at the shuttle program. Every now and then one blows up. But they keep on going, Bubba. We might have a bad year or two. But overall it's going to be up and away, like Superman...
...obstacles will require some bounding over. Levin has incurred the legal wrath of financial partner U S West. The Colorado-based Baby Bell, which owns a 25.5% stake in Time Warner's film and cable holdings, filed a lawsuit in Delaware chancery court last week to block the merger. The phone company, which paid $2.5 billion for its partnership interest in 1993, has for months been in stalled talks with Time Warner, which wants to restructure the terms in order to split the cable from the content companies. U S West claims it has veto power over the merger with...
...petulance during the negotiation of the deal became such a problem that Levin took him to lunch during the week after Labor Day and told Fuchs to start talking the company line or get out. At a separate meeting with board members, Levin told them that if the Turner merger had not been the main topic on the agenda this week, he would have wanted to discuss with them what to do about Fuchs...
...make the merger work, Levin says he has adopted a new management philosophy that he hopes will bring greater cooperation among the princes of his realm. Says he: "With Time and Warner, I thought we'd get more mileage out of running businesses separately. But with the Turner transaction, things have changed dramatically. We'll make things happen together. Ted didn't win the America's Cup without being a team player." Turner, whose personal fortune is estimated at $1.7 billion, will be handsomely rewarded by his new employer. In addition to receiving options for 1 million shares of Time...